THE NIFTY FOUND RESISTANCE AROUND THE 18400 – 18450 ZONE

NIFTY:

The NIFTY opened at 18362.90 with a gap up of 48 points. The index continued moving higher but soon faced strong resistance around the 18400-18450 zones. Prices have formed a trading range, recorded its intraday high at 18419.75, and spent the whole afternoon within a range of just 30 points between 18390-18420.The range broke on the downside and prices have seen a sharp fall in the late hour of trading. The index recorded its intraday low at 18324.20 and finally closed at 18348 with a gain of 33.60 points or 0.18% up. METAL outperformed today and gained more than 2% followed by MEDIA, OIL GAS, and AUTO IT underperformed today and closed lower by 0.46% followed by REALTY. The short-term trend is sideways and prices have found resistance around 18400-18450 zones. Support is visible around 18000-18050 zones. We should now wait for a dip or a close above 18450 to take fresh long trades.

BANK NIFTY:

The BANK NIFTY opened at 43978.90 with a gap up of 156 points Prices have initially consolidated and then moved up. However, the rally found strong resistance around 44100 and prices moved sideways. The index recorded its intraday high at 44095.25 and saw a sharp decline in the last hour of trading. The index recorded its intraday low at 43852.20 and finally closed at 43873.85 with a gain of 51 points. PSU and PVT BANK both indices have moved almost the same today, saw a mild up move, and closed higher by 0.41% &0.22% respectively. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways now since the index is moving range bound for the past two weeks. Look to buy on a dip at or below 43400 or buy on a breakout above 44150.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended on a flat note in the volatile session on May 23. At close, the Sensex was up 18.11 points or 0.03percentat 61,981.79, and the Nifty was up 33.60 points or 0.18percentat 18,348.00. About 1,716 shares advanced, 1,686 shares declined, and 110 shares were unchanged.

• Infosys on May 23 unveiled Topaz, a new offering that combines data analytics, artificial intelligence, and generative AI, signifying the growing importance of this fast-evolving technology.

• Adani Ports recoups all stock losses since Hindenburg attack. The ports business houses some of billionaire Gautam Adani’s most lucrative assets and is touted by market watchers as the group’s crown jewel.

• Confident of turning PAT positive next year, says PB Fintech’s Yashish Dahiya. Policybazaar sees Rs 47 crore of premiums in March from high-value life insurance policies as income from such schemes will get taxed from the current financial year.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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